A series of activities to acquire, engage, and retain stakeholders to strengthen relationships with customers and other stakeholders. Loyalty programs are designed for providing an interactive environment between a business organization, its customers, employees, and channel partners (distributors, resellers, among others). DELIVERY TYPE: Loyalty management is a software-based solution and sometimes an outsourced service available in the current marketspace to assist organizations with superior quality customer account management, incentive distribution management, employee recognition, employee performance management, and channel partner management. Different kinds of loyalty management solutions may or may not include these capabilities. STANDALONE PROGRAM: Primarily implies a cloud-based loyalty management program, where companies manage customer engagement and loyalty programs. Standalone programs usually integrate with all major eCommerce platforms, such as Shopify, Magento, and Big Commerce, and can be used with custom-built stores. Standalone programs have large scale integration capabilities. This delivery type is generally deployed by small business owners which can be restaurants, cafes, or retail stores. Application Programming Interface (API) Integration Rewards Management Point of Sale (POS) Integration MANAGED PLATFORM: Efficiently manages the entire loyalty program lifecycle of an organization for its wide-spread customer base. A managed platform takes care of all the allied services including customer attrition, customer behavior campaign management, and other such services for their clients and come up with best possible loyalty schemes to retain and acquire customers. Loyalty Consulting Omnichannel Loyalty Customer Analytics Program Management Services: Ideally look after allied services, such as campaign management, optimization of loyalty programs, configuration and execution, customer data management, and generating reports LARGE ENTERPRISES: Organizations with more than 1,000 employees. These enterprises usually opt for a managed platform to manage loyalty programs as their customer base is wide enough to be operated within the organization. SMALL AND MEDIUM-SIZED ENTERPRISES (SMEs): Organizations with an employee size of up to 999. SMEs usually have cost constraints. Hence, they choose a standalone loyalty program that fits into their budget and is easy to deploy, as well as have the flexible payment options. ON-PREMISE DEPLOYMENT: Refers to the installation of loyalty management solutions within the premises of an organization. The solutions are delivered with a one-time license fee and an annual service agreement that includes free upgrade and installation of new functionalities. CLOUD-BASED DEPLOYMENT: Enables reduced physical infrastructure, less maintenance cost, 24×7 data accessibility, and effective monitoring of data, and several cognitive data management. BANKING, FINANCIAL SERVICES, AND INSURANCE (BFSI): Primarily includes the loyalty management operations within the banking sector, credit card industry, insurance, and other finance-related activities. AVIATION: Encompasses loyalty management activities across air transport and other allied activities, such as lounge access, extra baggage permits, priority check-ins, and meal cards within aircraft. AUTOMOTIVE: Primarily includes loyalty management for sale and purchase of vehicles, services of automotive, fitment of accessories, and other such processes. MEDIA AND ENTERTAINMENT: Encompasses varied sectors such as Over the Top (OTT) services, Video on Demand (VoD), Direct-To-Home Television (DTH), and other media services providers (Netflix, YouTube, and Hulu). RETAIL AND CONSUMER GOODS: Includes all the verticals catering to end users through retail channels, such as fashion and clothing, oil and gas, and groceries via departmental stores. HOSPITALITY: Loyalty management in the hospitality vertical includes a varied ecosystem covering restaurant outlets/chains, cafes, hotels, motels, lodging facilities, rental apartments, and others.
Visionary leaders are the leading market players in terms of new developments such as product launches, innovative technologies, and the adoption of growth strategies. These players have a broad product offering that caters to most of the regions globally. Visionary leaders primarily focus on acquiring the leading market position through their strong financial capabilities and their well-established brand equity.
Innovators in the competitive leadership mapping are vendors that have demonstrated substantial product innovations as compared to their competitors. The companies have focused on product portfolios. However, they do not have very strong growth strategies for their overall business, when compared with the visionary leaders.
Dynamic Differentiators are established players with very strong business strategies. However, they have a weaker product portfolio compared to the visionary leaders. They generally focus only on a specific type of technology related to the product.
Emerging companies have niche product and service offerings. Their business strategies are not as strong as that of the established vendors. The emerging vendors include the new entrants in the market, emerging in terms of product portfolio and geographic reach, and require time to gain significant traction in the market.